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Income Protection Certainty
Safeguarding your most valuable asset - your future.
Replacing your income, when you are unable to work
Call: 049 438 0020 to talk to a financial broker now
Why Sheridan Insurances is the smart choice for Income Protection
Income protection insurance pays out a regular cash payment that replaces part of your lost income if you can’t work due to a medium to long-term illness or disability.
Over time, building your career and accumulating assets to build your family's life and future upon, is what most of us plan to do. However if your ability to do this is cut short through illness or injury then what will happen?
Income protection advice from Sheridan Insurances is aimed at creating income certainty by ensuring a cash flow into your household should the unexpected happen.
Who needs Income Protection?
You may need income protection if you:
- Are self-employed and would have no source of income if you couldn’t work due to illness or disability
- Have little or no sick pay from your employer
- Have no ill-health pension protection
- Have family or dependants who rely on your income
- Have no other source of income
- Do not have sufficient benefits to replace your lost income and/or cover your daily/living expenses
Did you know?
Income Protection is often called ‘Permanent Health Insurance’ (PHI) – however it is not the same thing as private health insurance. Income protection does not cover redundancy. To have income protection insurance cover, you generally have to be in full-time paid work or be self-employed with an earned income.
Income Protection is now one of the most sought after "optional" insurance covers by professional people eg solicitors, accountants, consultants, engineers etc
Most people don't actually realise that Income Protection is relevant to them. It's only when something unforeseen happens, that prevents them from working, and their employer can no longer pay them that the penny drops.
The cost of Income Protection now should be compared to the potential cost of NOT having Income Protection in the future. The factors that determine what you will pay now include:
- The level of cover required - linked to a maximum of 75% of your income
- The length of time you must be out of work due to sickness or disability before your income protection insurance policy pays out.
- Term of the policy
After that, the main factors are your age, health, family medical history, job and lifestyle.
You can get tax relief on your premiums at your marginal (highest) rate of tax, up to a yearly limit of 10% of your total income. This can make premiums more affordable, but remember your benefit will be taxable if you make a claim.
An Income Protection Policy pays out until you can start working again - or until you retire, die or the end of the policy term - whichever is sooner.
